Wealth Manager - Essential news for investment professionals

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Pritchard Stockbrokers falls into administration

Pritchard Stockbrokers falls into administration

The Financial Services Authority (FSA) has said that Pritchard Stockbrokers has today entered the Special Administration Regime (SAR).

Timothy Ball, Roderick Weston and Alistair Wood at Mazars LLP have been appointed joint special administrators. 

Last month, rival stockbroker WH Ireland announced it had taken on Pritchard's assets and its client book, which included some 8,000 accounts. It paid £500,000 for the book, which had been valued at £400 million based on non-cash assets under management.

The new comes after the FSA issued a First Supervisory Notice to Pritchard, which prevented the firm from undertaking any further regulated activities.

The financial watchdog said Pritchard had used client money for its own expenses, thereby putting client money at risk’. It also froze the firm's asset and told the Bournemouth-based firm to inform clients that it had been barred for working for them.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Sarasin’s Boucher: why I like salmon with chocolate

Sarasin’s Boucher: why I like salmon with chocolate

Henry Boucher, manager of the £129 million Sarasin Food & Agriculture Opportunities fund, explains why he is gobbling up salmon and chocolate stocks.

Play Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Libby Ashby and leading wealth managers analyse what the Alibaba IPO hype means for Chinese equities, slowing growth of the UK economy and whether there’s anything left to play for in the European sovereign bond market.

Play Tesco, Japan and the rise of the central banker

Tesco, Japan and the rise of the central banker

 Libby Ashby and leading wealth managers scrutinise the food retail sector, Japan’s consumption tax hike and political risk in the markets.

Your Business: Cover Star Club

Veteran banker boosts Sanlam’s stockbroking team

Veteran banker boosts Sanlam’s stockbroking team

A veteran private banker has been recruited by Sanlam Private Investments to strengthen its advisory stockbroking team.

Wealth Manager on Twitter